Currencies are closely packed together.
Over the weekend, Pres. Trump said that Fed's Powell actually wanted a stronger dollar. Well today the dollar is the strongest of the major currencies. The NZD is the weakest. The major currencies are relatively bunched together at the morning snapshot.
Trading ranges reflect the lackluster price action today. The GBPUSD has the highest range at 62 pips and is trading near the lows. Some anxiety about Brexit progress has the GBP under pressure.
The other major pair have high to low ranges of less than 48 pips with the EURUSD only at 25 pips, the USDJPY at 27 pips (at highs) and the USDCHF at 28 pips (at highs). That is not a lot of pips for traders to latch onto. There is room to roam in the NY session.
In other market:
- Spot gold is down -$1.50 or -0.12% at $1285.15
- WTI crude oil is up $0.79 or 1.42% at $56.59
US stocks have moved into the red in early trading:
- Dow, -3.65 points
- S&P, -0.66 points
- Nasdaq, -8 points
European shares are mostly lower:
- German Dax, -0.24%
- France's CAC, -0.21%
- UK FTSE, +0.53%
- Spain's Ibex, -0.56%
- Italy's FTSE MIB, -0 13%
In the US debt market, US yields are higher by 1.4 to 2.4 bps
In the 10 year benchmark European yields, the yields are mostly higher.
